Downtown Vancouver Attached Property Market Update : May 4th - May 11th
We have compiled sales and listings statistics for the period running from May 4th to May 11th, and released them in this easy to read format! If you have any further questions or require more detail please get in touch with us. Listing activity continued to demonstrate relatively improvement this Spring, as new product selection increased during the past week - new listing dropped slightly; down to 177 from 187, which demonstrated a ~5% supply decrease over the previous period. April and May have historically been quite busy periods for our markets, and we anticipate an increase in both listing and sales activity through mid-June prior to a predictable lull in the later summer months. Buyer activity has continued to increase as we witness more multiple offer situations. This market is mostly defined by a real drop in supply (down nearly 40% from last year at this time), and heightened competition due to great financing options and an excess in demand.
Listing versus Sales update for May 4th - May 11th
177 new listings in the Vancouver West Region with 92 (52%) falling in the downtown areas (including: West End, Downtown, Coal Harbour, and False Creek North sub-areas).
New Listings Per Sub-Area:
- Downtown Core: 48 (52%)
- Coal Harbour: 7 (8%)
- West End: 26 (28%)
- False Creek North: 11 (12%)
TOTAL : 92
157 total sales in the Vancouver West Region with 87 (55%) falling in the downtown areas.
Sales Per Sub-Area:
- Downtown Core: 41 (37%)
- West End: 22 (33%)
- Coal Harbour: 9 (19%)
- False Creek North: 15 (11%)
TOTAL : 87
Sales volume continued to demonstrate further stability over the first quarter 2009, remaining strong, moving from 144 sales to 157. Of note is the continual movement of the downtown market towards equilibrium as sales versus new listings have now moved very close to a 1 : 1 ratio; indicating improving market fundamentals (notably a healthy supply versus demand dynamic). We expect stronger sales movement to continue through late-Spring. As stated previously there has been an influx of buyer activity over the past month and a half, as more individuals seem to be looking at price depreciation and favorable mortgage conditions. The sales to listing ratio also remained strong this past week sitting at [157 : 177] ’sales to listings’ or 89% saturation - very competitive financing options, and a slight drawback on the supply side have led to a much tighter downtown market!
If you have any questions about specific figures or activity in your neighbourhood please do not hesitate to give us a call! And remember to visit www.vancouverrealtyonline.com for up to date statistics, new listings, and all relevant real estate news!